Chen Weimin: The schedule for issuing the second batch of licenses has not yet been determined, and the total number of future licenses will be very limited.

ME News Report, April 13 (UTC+8), Hong Kong Monetary Authority Deputy Governor Chen Weimin stated that the timetable for issuing the second batch of licenses has not yet been determined, as it depends on “the operational status of the first two licensees,” and the total number of future licenses will be very limited. Additionally, sources revealed that Chinese-funded institutions that had previously applied received “window guidance” from relevant authorities, instructing them to temporarily suspend participation in this stablecoin license application, although some Chinese-funded institutions have continued to communicate with the Hong Kong Monetary Authority over the past few months. After excluding Chinese-funded institutions, the vast majority of applicants are relatively limited in strength, and the number of qualified institutions that can fully meet the requirements of the “Stablecoin Regulations” is not many. HSBC PayMe manager Lee Kuan Hong told reporters that any PayMe user can open a stablecoin account. In the stablecoin account, users can directly transfer money to friends and family, make payments to merchants, or invest in products linked to stablecoins. Users of the HSBC app cannot open accounts directly; they must wait for HSBC to select qualified users before applying for a stablecoin account. HSBC PayMe account opening requires users to be Hong Kong residents, and HSBC app users also include mainland Chinese users. Under the current Hong Kong regulatory framework, only local Hong Kong residents can participate in virtual asset trading; mainland Chinese customers, even if they are HSBC mobile payment users in Hong Kong, cannot apply for a stablecoin account. (Source: Foresight News)